HONG KONG, March 28, 2018 /PRNewswire/ -- Euro Tech
Holdings Company Limited (Nasdaq: CLWT) today announced that it has
recently signed an Equity Transfer Agreement (the "Agreement") to
sell its 20% equity stake of Zhejiang Jiahuan Electronics Co., Ltd.
("Jia Huan") to an individual, who
is the wife of the holder of the remaining 80% equity stake of
Jia Huan, for a purchase price of
RMB$31,312,500. The completion of the transaction is subject to
completion of all closing formalities, including the need to obtain
approval and registration with the relevant governmental
authorities and the receipt of payment from the Purchaser. The
Company's decision to enter into the Agreement and dispose of its
equity stake in Jia Huan was based
upon the intention of Jia Huan's
major shareholder to diversify the business of Jia Huan into new areas that are unrelated to
its and the Company's existing activities.
About Jia Huan
Zhejiang Jia Huan Electronic Co. Ltd. in Zhejiang, China ("Jia
Huan"), an established company, has been in business since
1969. 95% of Jia Huan's business is
related to air pollution control and less than 5% is for water and
wastewater treatment. Jia Huan
designs and manufactures automatic control systems and electric
voltage control equipment for electrostatic precipitators which are
major air purification equipment for power plants, cement plants
and incinerators to remove and collect dust and pollutants from the
exhaust stacks. The Company held the 20% equity in Jia Huan since January
2008.
Forward Looking Statements
Certain statements in this news release regarding the Company's
expectations, estimates, present view of circumstances or events,
and statements containing words such as estimates, anticipates,
intends, or expects, or words of similar import, constitute forward
looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements indicate uncertainty
and the Company can give no assurance with regard to actual
outcomes. Specific risk factors may include, without limitation,
having the Company's offices and operations situated in
Hong Kong and mainland
China, doing business in
China, competing with Chinese
manufactured products, competing with the Company's own suppliers,
dependence on vendors, and lack of long term written agreements
with suppliers and customers, development of new products, entering
new markets, possible downturns in business conditions, increased
competition, loss of significant customers, availability of
qualified personnel, negotiating definitive agreements, new
marketing efforts and the timely development of resources. See the
"Risk Factor" discussions in the Company's filings with the
Securities and Exchange Commission, including its Annual Report on
Form 20-F for its fiscal year ended December
31, 2016.
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SOURCE Euro Tech Holdings Company Limited